Vessel Protect, which is a trading name of Pen Underwriting Limited, has recruited Paul Wood to launch and lead the division’s expansion into speciality yacht covers. Established in 2020, Vessel Protect underwrites marine war risks and kidnap and ransom cover.

Chris Goddard, co-managing director of marine at Pen and CEO of Vessel Protect, said: “Paul’s extensive experience of the yacht market, in-depth pricing knowledge, wording expertise and impressive underwriting record will provide us with a strong platform upon which to build a sustainable class specialist that has all the hallmarks of our business.

“We’ll combine his specialist insight and leadership with our commitment to providing unrivalled customer service and data-focused underwriting and analysis to help brokers deliver bespoke risk solutions to their clients, even in complex scenarios.”

Wood added: “The continued growth and expansion of the global yacht industry means brokers are seeking insurance solutions for an increasing array of vessels. While some underwriters specialise in smaller vessels and others target the burgeoning superyacht class, there is demand for additional capacity and flexible solutions catering for the mid-section of the market, which encompasses a distinctly varied range of yacht risks.”